Negotiating Sales Pitfalls: Strategies for Escaping Them
In the world of business, negotiating deals can be a tricky and daunting task. However, understanding and avoiding common sales negotiation pitfalls can significantly improve one's success in securing better business deals. The Program on Negotiation at Harvard Law School has released a free special report titled "Business Negotiation Strategies: How to Negotiate Better Business Deals," authored by Simon Horton and Mario Peshev.
The report discusses four common sales negotiation pitfalls that sellers often fall into:
- Overvaluing One's Possessions: This tendency can lead sellers to ask for more than their property is worth. To avoid this pitfall, sellers can seek out unbiased appraisals from third-party experts such as real estate agents, jewelry appraisers, or financial experts.
- Focusing Too Much on Price: This pitfall prevents sellers from viewing negotiations as collaborative and probing their counterpart's needs or adding more value to the deal. Instead, it's more effective to frame offers as gains over the status quo. For example, an office-supply salesperson might say, "We can shave $20,000 off that amount - significant savings, I think you'd agree."
- Making Unappealing Offers: Sellers often fail to frame information to their advantage in a sales negotiation. It's more effective to present offers in a way that highlights the benefits to the buyer, rather than focusing on losses away from the buyer's ideal price.
- Compromising One's Ethics: This pitfall can occur due to the information asymmetry between the seller and the buyer. Sellers should be careful not to take advantage of buyers during negotiations to maintain their ethical standards.
The report provides step-by-step techniques for avoiding these pitfalls and negotiating better business deals. To access the free special report, visit the Program on Negotiation at Harvard Law School's website. By becoming aware of these sales negotiation pitfalls, sellers can take the first step in overcoming them and securing more successful business deals.
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